Initial question from client:
First of all I would like find out if acquiring a licence is even a possible for my way of doing business. I want to sell an financial instrument (binary options based on currency index) from self service machine. The entire process of buying and execution of option is visualized by symbols known from gambling industry. The process of investing may seems to be similar to process of playing on hot spot gambling machine machine.
Moreover, the company from Cyprus will be only a intermediate (broker) between the customer and some offshore full forex licence investment company. Since it is not a regular way of selling financial instruments I would like to know how Cyprus regulator will react on that kind of proposal.
Like I said, the entire process of investing is taking place near a self service terminal located in a bar or restaurant. So the problem mayby AML procedure and KYC. The optimal way for us is that we do not identify our client at all. I know that this most probably will be impossible, but the question is, how far with 'no identifying' we can go.
The next question is how Cyprus regulator will react if some other EU countries will send some complains for us. I of course not speaking about cheating the clients, only the way of doing business itself.
In additional I would like to know what the company should do after obtaining a licence in order to not lost it. And what will be the cost of it.
I need help with hiring a proper(from regulator point of view) staff as well
Those are topics that I would like to talk about.
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First of all I would like find out if acquiring a licence is even a possible for my way of doing business. I want to sell an financial instrument (binary options based on currency index) from self service machine. The entire process of buying and execution of option is visualized by symbols known from gambling industry. The process of investing may seems to be similar to process of playing on hot spot gambling machine machine.
Moreover, the company from Cyprus will be only a intermediate (broker) between the customer and some offshore full forex licence investment company. Since it is not a regular way of selling financial instruments I would like to know how Cyprus regulator will react on that kind of proposal.
Like I said, the entire process of investing is taking place near a self service terminal located in a bar or restaurant. So the problem mayby AML procedure and KYC. The optimal way for us is that we do not identify our client at all. I know that this most probably will be impossible, but the question is, how far with 'no identifying' we can go.
The next question is how Cyprus regulator will react if some other EU countries will send some complains for us. I of course not speaking about cheating the clients, only the way of doing business itself.
In additional I would like to know what the company should do after obtaining a licence in order to not lost it. And what will be the cost of it.
I need help with hiring a proper(from regulator point of view) staff as well
Those are topics that I would like to talk about.
Toggle signature
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.